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IMF to probe Nordic institutions' work on tackling money laundering in Baltics

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IMF to probe Nordic institutions' work on tackling money laundering in Baltics

Swedish central bank Governor Stefan Ingves said the International Monetary Fund will probe how Nordic banking institutions and regulators have performed in tackling money laundering issues in the region and the Baltics, Reuters reported.

Ingves, who was speaking to reporters, said the framing of the investigation was progressing well and that the IMF will begin work in the first half of 2020. Ingves added that the probe will evaluate the regions' banking systems as a whole and whether the regulators are working in a "sensible way," including in terms of cross-border aspects.

Sweden's Swedbank AB (publ) and Skandinaviska Enskilda Banken AB have been accused of laundering money in the Baltics, while Danske Bank A/S is under investigation in several countries, including the U.S., for alleged illicit activities at its Estonian branch.